Davis R M Inc. Acquires Shares of 2,624 Prudential Financial, Inc. (NYSE:PRU)

Davis R M Inc. bought a new position in shares of Prudential Financial, Inc. (NYSE:PRU) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,624 shares of the financial services provider’s stock, valued at approximately $318,000.

A number of other hedge funds also recently bought and sold shares of PRU. Creekmur Asset Management LLC grew its position in shares of Prudential Financial by 78.8% in the 1st quarter. Creekmur Asset Management LLC now owns 245 shares of the financial services provider’s stock worth $29,000 after buying an additional 108 shares during the last quarter. Lynx Investment Advisory bought a new stake in Prudential Financial in the second quarter valued at $29,000. Ashton Thomas Securities LLC bought a new position in Prudential Financial in the 3rd quarter worth $31,000. Strategic Financial Concepts LLC lifted its position in shares of Prudential Financial by 1,312.4% in the 2nd quarter. Strategic Financial Concepts LLC now owns 26,934 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 25,027 shares during the period. Finally, Bank & Trust Co bought a new stake in shares of Prudential Financial during the 2nd quarter valued at about $37,000. Hedge funds and other institutional investors own 56.83% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on PRU shares. Wells Fargo & Company raised their price objective on shares of Prudential Financial from $116.00 to $117.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. UBS Group upped their price target on Prudential Financial from $112.00 to $119.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. TD Cowen assumed coverage on Prudential Financial in a report on Wednesday, October 9th. They issued a “hold” rating and a $130.00 price objective for the company. Piper Sandler boosted their target price on shares of Prudential Financial from $121.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Finally, Barclays increased their price target on shares of Prudential Financial from $118.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Friday, November 1st. Eleven investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Prudential Financial has an average rating of “Hold” and a consensus price target of $125.69.

Insider Activity

In related news, EVP Caroline Feeney sold 1,110 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $119.97, for a total value of $133,166.70. Following the sale, the executive vice president now owns 10,175 shares in the company, valued at approximately $1,220,694.75. This trade represents a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of the business’s stock in a transaction on Tuesday, October 8th. The stock was bought at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the transaction, the insider now owns 4,208,549 shares in the company, valued at $116,071,781.42. This trade represents a 6.61 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.

Prudential Financial Trading Up 0.6 %

NYSE:PRU opened at $128.72 on Tuesday. Prudential Financial, Inc. has a 52 week low of $94.92 and a 52 week high of $129.69. The stock has a market cap of $45.82 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 0.91 and a beta of 1.29. The company’s 50 day moving average price is $123.52 and its 200-day moving average price is $119.82. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.60.

Prudential Financial (NYSE:PRU) last posted its earnings results on Wednesday, October 30th. The financial services provider reported $3.48 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.01. The business had revenue of $19.48 billion during the quarter, compared to analyst estimates of $14.57 billion. Prudential Financial had a return on equity of 15.30% and a net margin of 6.03%. During the same quarter last year, the company earned $3.44 EPS. On average, equities research analysts forecast that Prudential Financial, Inc. will post 13.33 earnings per share for the current fiscal year.

Prudential Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.04%. The ex-dividend date is Tuesday, November 19th. Prudential Financial’s dividend payout ratio is currently 46.22%.

Prudential Financial Company Profile

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.